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Nov 27, 2012
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it has not added one penny to the deficit. for those who say there is a good reason to push it off the table and we brought another day, i would add a note of caution. small changes made today in social security will play out over the long run it to buy solvency for a long time. i think we should take social security off the table for the current fiscal cliff but be very honest about what we're going to achieve in the near term. i think we should create the equivalent of the simpson- bowles commission for social security and give them eight months to a year to come up with a planned to buy us 75 years of solvency for social security. then bring it to the floor for a vote and allow any bipartisan group who can come up with a credible plan that meets the same goal to offer their own to be voted on in the senate and house. i might add a wrinkle here that senator mark warner came up with that i think is sensible. there should be a decennial process. every 10 years, but they should measure whether or not social security still has 7
it has not added one penny to the deficit. for those who say there is a good reason to push it off the table and we brought another day, i would add a note of caution. small changes made today in social security will play out over the long run it to buy solvency for a long time. i think we should take social security off the table for the current fiscal cliff but be very honest about what we're going to achieve in the near term. i think we should create the equivalent of the simpson- bowles...
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Nov 29, 2012
11/12
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we had a significant deficit. but the long term looked possible if we could solve the sshort-term problems. that was easier. in 1990, the parties were competitive, but they were not polarized. in those days, the bad guys were the opposition. today, they are the enemy. there is a world of difference between those two words. yes, we had some distrust. also, we had the ability to work with each other and believe each other and it made life easier at that time. there were other divisions in the congress. the party polarization today tends to make it republicans versus democrats all the way. there were other sub factions in those days. the budgeteers verses the appropriators, etc., that cut across some of those party lines. the most important difference, in my judgment, is that there was less outside pressure upon the negotiators from the radio and tv extremists, lobbyists, core constituencies, users of social media, etc. mostl they did not get 500 e-mails every minute in their office. they did not have people featurin
we had a significant deficit. but the long term looked possible if we could solve the sshort-term problems. that was easier. in 1990, the parties were competitive, but they were not polarized. in those days, the bad guys were the opposition. today, they are the enemy. there is a world of difference between those two words. yes, we had some distrust. also, we had the ability to work with each other and believe each other and it made life easier at that time. there were other divisions in the...
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Nov 27, 2012
11/12
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social security, not a penny to the deficit. medicare, he wants $250 million over a quarter of a year. that saves for medicare. and medicaid is more essential now than it's ever been and it's a key part of obama care. i don't know what mr. plouffe was talking about. i think he got the republican talking points mixed up with his. >> that was my first impression when i saw the videotape as well. the question comes up. what are you willing to accept in a deal when it comes to programs like medicare and medicaid? >> look, this december should be about revenues. then we can go on to have discussions about the long-term solvency and where medicare fits in and the changes coming by 2014 as we move ahead with obama care. but revenues have to come first. they should come first because we hold all the ace s. they don't have to worry about their pledge because they are voting to reduce taxes for working americans. they just can't do anything about the millionaires and billionaires and the unearned income, which is going to go back to clint
social security, not a penny to the deficit. medicare, he wants $250 million over a quarter of a year. that saves for medicare. and medicaid is more essential now than it's ever been and it's a key part of obama care. i don't know what mr. plouffe was talking about. i think he got the republican talking points mixed up with his. >> that was my first impression when i saw the videotape as well. the question comes up. what are you willing to accept in a deal when it comes to programs like...
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Nov 27, 2012
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deficit reduction. that's probably a little too much out of revenues over the short term. so let's go back to child tax credit and some middle income tax relief and that, but let's keep a substantial portion of that revenue and we don't have to the talking about stupid across the board cuts and do more targeted cutses in programs that need cutting and bolster those that need bolstering. one thing it, no one's talking about within-third of the deficit is due to high unemployment. we should be talking about investment that will put americans back to work and that takes care of a third of the deficit. if you're talking about a grand bargain, okay, revenues putting people back to work and then we'll talking about cuts. >> that's a profound point. all of a sudden we're supposed to go into this grand bargain of medicare and medicaid because we went through recession and the tax base was low because there was a lot of people unemployed for months on end and we had to invest in the economy to where we've got it
deficit reduction. that's probably a little too much out of revenues over the short term. so let's go back to child tax credit and some middle income tax relief and that, but let's keep a substantial portion of that revenue and we don't have to the talking about stupid across the board cuts and do more targeted cutses in programs that need cutting and bolster those that need bolstering. one thing it, no one's talking about within-third of the deficit is due to high unemployment. we should be...
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Nov 22, 2012
11/12
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this is the deficit in '09 when president obama took office and inherited the deficit from president bush. over the next three years president obama cut the deficit by $200 billion just from last year to this year, so the deficit isn't growing. it is shrinking by a lot. seriously. the folks at investors business daily calculated the deficit is now falling faster than at any time since the end of the second world war and falling so fast is might not be able to fall any faster without sending us back into recession. when president obama started, the deficit equalled 10% of the whole economy and now it equals just 7%. so go ahead, boggle your uncle's mind with this chart. the bars below zero represent years when the deficit grew. these bars above zero represent years when the deficit shrunk. we're here right now in the deficit shrunk portion of the chart. the point of the shrinking on the whole chart back to 1950. when somebody stops inevitably matering about the fiscal cliff and the sky rocketing deficit, they don't know what they're talking about and they probably don't know it is wro
this is the deficit in '09 when president obama took office and inherited the deficit from president bush. over the next three years president obama cut the deficit by $200 billion just from last year to this year, so the deficit isn't growing. it is shrinking by a lot. seriously. the folks at investors business daily calculated the deficit is now falling faster than at any time since the end of the second world war and falling so fast is might not be able to fall any faster without sending us...
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Nov 28, 2012
11/12
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well, as you know, we are running over $1 trillion deficit. even if it is a few hundred billion of revenue, it is going to reduce the total amount of borrowing. and it has to be mediate. it can't be a promise for future spending cuts. >> this last point. is it possible to have rules? >> a lot of famous economists say we should have rules on spending. why not have a cap on debt as a share on gdp. why not have that as our goal is to put it as 50 or 60%? >> well, the answer is you could. except we out to be progractica. but whatever laws congress sets congress can break. they have refused to do a budget. it is not a rule it is a law and it is the statute. so, i'm in favor of some of these rules, but i'm recognizing at the end of the day, what matters more is what you send to washington. >> well, we he have a little more than a month to go and nobody seap seems to know how s going to play out. many, many thanks for coming on. cyber monday was a record breaker this year. sales rising 30% compared to this year. mobile dievises played a big role. so
well, as you know, we are running over $1 trillion deficit. even if it is a few hundred billion of revenue, it is going to reduce the total amount of borrowing. and it has to be mediate. it can't be a promise for future spending cuts. >> this last point. is it possible to have rules? >> a lot of famous economists say we should have rules on spending. why not have a cap on debt as a share on gdp. why not have that as our goal is to put it as 50 or 60%? >> well, the answer is...
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Nov 26, 2012
11/12
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the issue of taxes and deficit and spending cuts. you have had bipartisan commission slight simpson-bowles and others. it doesn't take rocket science to reach an agreement to get the deficit down. our system of government was set up to be contentious. we have something called separation of powers. we further complicate the situation because our congress twoo bodies.nto tebet bodie you turn up the brakes if you don't reach consensus. it only takes people a goodwill working together in a bipartisan way to get things done. it does it mean people have to give up on their partisan differences. pass to be's will served. they have to reach a compromise and consensus. i am optimistic and feel it will be done. host: you are a senior fellow at the bipartisan policy center. what is the role of the center right now? guest: the center was set up by the last four majority leader's, two republicans and two democrats, to try to reach common ground. it could be issues like housing, immigration, the debt, and others. the goal is to see if we can get p
the issue of taxes and deficit and spending cuts. you have had bipartisan commission slight simpson-bowles and others. it doesn't take rocket science to reach an agreement to get the deficit down. our system of government was set up to be contentious. we have something called separation of powers. we further complicate the situation because our congress twoo bodies.nto tebet bodie you turn up the brakes if you don't reach consensus. it only takes people a goodwill working together in a...
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Nov 29, 2012
11/12
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us into these deficits. as the chairman just said -- social security has never contributed one penny to these deficits. why to cut the benefits of seniors on social security to pay for the misspending and bad ideas of previous congresses, i do not understand. that is what we are adamant about social security -- use it to buy down a debt created by other things? no. on medicare, if you all just take a close look at the record, a lot of democrats lost their seats because of republicans politicizing this issue. democrats have already come to the table $700 billion in savings in medicare already. we have reformed medicare through be affordable care act, and much of it is doubling to play out. $700 billion -- that is a lot. i have not seen any republicans come forward with a proposal that saves you $700 billion. we did that without having to cut any benefits for beneficiaries who earned as benefits. that was the beauty of the reforms we passed -- we found ways to extract savings, principally from waste and fraud,
us into these deficits. as the chairman just said -- social security has never contributed one penny to these deficits. why to cut the benefits of seniors on social security to pay for the misspending and bad ideas of previous congresses, i do not understand. that is what we are adamant about social security -- use it to buy down a debt created by other things? no. on medicare, if you all just take a close look at the record, a lot of democrats lost their seats because of republicans...
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Nov 28, 2012
11/12
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a lot of the other issues surrounding deficit deduction are going to be a whole lot easier. and if we get this wrong, the economy is going to go south. it's going to be much more difficult for us to balance our budgets and deal with our deficits because if the economy's not strong, that means more money's going out and things like unemployment insurance and less money is coming in in terms of tax receipts and it just actually makes our deficit worse. so we really need to get this right. i can only do it with the help of the american people. so tweet -- what was that again? my2k or e-mail, post it on a member of congress' facebook wall. do what it takes to communicate a sense of urgency. we don't have a lot of time. we have a few weeks to get this done. we could get it done tomorrow. now, optimistically i don't think we're going to get it done tomorrow. but i tell you, if everybody here goes out of their way to make their voices heard and spread the word to your friends and family and co-workers and neighbs, i am confident that we will get it done and we will put america on t
a lot of the other issues surrounding deficit deduction are going to be a whole lot easier. and if we get this wrong, the economy is going to go south. it's going to be much more difficult for us to balance our budgets and deal with our deficits because if the economy's not strong, that means more money's going out and things like unemployment insurance and less money is coming in in terms of tax receipts and it just actually makes our deficit worse. so we really need to get this right. i can...
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Nov 29, 2012
11/12
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the deficit is large. where's the rest of his plan? he has to show us his plan. house members would like to extend all current tax rates permanently. that brings certainly the to the economy. get a subsequent bill for the sequestration. work with president obama in a good faith effort to get pro growth tax reform. that would work. we've got the ryan budget that spends $7 trillion less than the president's budget. that would restore the confidence that the economy needs. >> greta: senator, thank you. >> thank you. >> greta: with time running out, you would think that president obama would call the house and senate leaders and ask them to the oval office, but apparently something is wrong with the white house phones. he's trying to outsource the job to you. take a look. >> i'm asking americans all across the country to make your voice heard. tell members of congress what a $2,000 tax hike would mean to you. call your members of congress, write them an email, post it on their facebook walls. you can tweet it using the #my2k. >> greta: why doesn't the president pick
the deficit is large. where's the rest of his plan? he has to show us his plan. house members would like to extend all current tax rates permanently. that brings certainly the to the economy. get a subsequent bill for the sequestration. work with president obama in a good faith effort to get pro growth tax reform. that would work. we've got the ryan budget that spends $7 trillion less than the president's budget. that would restore the confidence that the economy needs. >> greta: senator,...
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Nov 22, 2012
11/12
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this is the deficit in '09 when president obama took office and inherited the deficit from president bush. over the next three years president obama cut the deficit by $200 billion just from last year to this year, so the deficit isn't growing. it is shrinking by a lot. seriously. the folks at investors business daily calculated the deficit is now falling faster than at any time since the end of the second world war and falling so fast is might not be able to fall any faster without sending us back into recession. when president obama started, the deficit equalled 10% of the whole economy and now it equals just 7%. so go ahead, boggle your uncle's mind with this
this is the deficit in '09 when president obama took office and inherited the deficit from president bush. over the next three years president obama cut the deficit by $200 billion just from last year to this year, so the deficit isn't growing. it is shrinking by a lot. seriously. the folks at investors business daily calculated the deficit is now falling faster than at any time since the end of the second world war and falling so fast is might not be able to fall any faster without sending us...
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good point which is because of the fact we have a credible plan to get on top of debt to get on top of deficit to show you how i will play well when the world we have record low interest rates low interest rates which would describe the shadow jones that is the key test of economic credibility this is propaganda from david cameron because more than half of the bonds that the government is selling is bought by the government it's called debt monetization which they don't call that monetization because they put it through the shadow banking system the global slush fund and they say no we did monetize that debt and went into the shadow banking system and we don't know who bought that debt wink wink because you can't government is buying its own debt so the tory government the coalition government is setting itself up to being in power during the spectacular crash of the guilty market the bond markets trading in a three hundred year high this is the biggest bubble since the tulip bulb bubble the south sea bubble the mississippi company bubble the nikkei bubble the nasdaq bubble the u.k. gilt bubbl
good point which is because of the fact we have a credible plan to get on top of debt to get on top of deficit to show you how i will play well when the world we have record low interest rates low interest rates which would describe the shadow jones that is the key test of economic credibility this is propaganda from david cameron because more than half of the bonds that the government is selling is bought by the government it's called debt monetization which they don't call that monetization...
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in other words don't shoot the democrat santa clause which we pay for by the way to reduce the deficit or bernie sanders of the progress is understand is that democrats haven't been playing santa claus for the last eighty years just to win elections they don't play santa claus to save the nation and our economic system as we know it face of the great depression and communist revolutions around the world roosevelt had to enact the new deal just to save capitalism itself in america and the american people were willing to pay for it faced with the crisis of poverty the one nine hundred sixty s. and the hardships senior citizens are facing upon retirement l.b.j. enacted the great society and medicare because the people wanted gifts from santa claus but because people needed help and providing for the general welfare is according to our constitution one of the main purposes for which our government itself was created and despite what limbaugh o'reilly and other con say providing student loan relief isn't a gift it's a necessity now that outstanding student loan is topped up trillion dollars
in other words don't shoot the democrat santa clause which we pay for by the way to reduce the deficit or bernie sanders of the progress is understand is that democrats haven't been playing santa claus for the last eighty years just to win elections they don't play santa claus to save the nation and our economic system as we know it face of the great depression and communist revolutions around the world roosevelt had to enact the new deal just to save capitalism itself in america and the...
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and spending about something in the order of you know two hundred three hundred billion dollars the deficit to about one and a half trillion and what that government spending did by bit fun and spending it encouraged the private sector to slow down the leverage ing so that's why we bounced up we now look like we're. looks ok in america it's only because the government still spending one of the half trillion dollars in the bad economy above what it rings in tax receipts now if they go the other direction not only would the government contribution go down but the private sector will probably start the leverage again that leads me to my second little child ok this is before we get into it let's go back to the beginning of what you've just saying there is arms and put it in context you wrote a book called the punk economics and you're saying that traditionally certain things are not included in the modeling of the economy and it goes back to what people's definition of money is bring that back again because in your definition of money you include things like debt i include the capacity of the p
and spending about something in the order of you know two hundred three hundred billion dollars the deficit to about one and a half trillion and what that government spending did by bit fun and spending it encouraged the private sector to slow down the leverage ing so that's why we bounced up we now look like we're. looks ok in america it's only because the government still spending one of the half trillion dollars in the bad economy above what it rings in tax receipts now if they go the other...
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Nov 21, 2012
11/12
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we have a trillion dollar deficit, two-thirds of dodd-frank hasn't been written, etc., etc.. i haven't heard any solutions i think you are right you what to publish online. i think the transparency is great. but we have a real situation. this fiscal cliff especially when added to what's happening. what can be done positively to get in the deadlock where you stand up the taxes. >> yes we have a huge problem. a 5 trillion-dollar debt. >> we keep talking about the fiscal recovery being different. you go back into the century and they all recouped a lot faster than this one. obama and hoover both reacted in the same way to the recession which was more spending, higher taxes and regulations and obama and hoover and fdr who never did anything. i think there's a very serious damage done to the economy and to the world economy and the approaches bush took running up to this and that obama is put on steroids. this is in the middle of many problems to continue to not be ended. and the was a very big problem. to be much more serious about spending and it was in that way before. >> how d
we have a trillion dollar deficit, two-thirds of dodd-frank hasn't been written, etc., etc.. i haven't heard any solutions i think you are right you what to publish online. i think the transparency is great. but we have a real situation. this fiscal cliff especially when added to what's happening. what can be done positively to get in the deadlock where you stand up the taxes. >> yes we have a huge problem. a 5 trillion-dollar debt. >> we keep talking about the fiscal recovery being...
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Nov 27, 2012
11/12
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social security does not contribute to the debt or deficit. it is not part of our deficit driver. it is an issue that can be solved. look, we did see it in the '80s, some tough medicine. everybody took it but it extended the life of social security for decades. we could do that again. it shouldn't be on the table and look, as it relates to medicare, let's remember this president extended the life of medicare through the affordable care act. these people are still talking about eliminating affordable care act or putting cuts to the affordable care act on the table when the affordable care act is helping bring the deficit down. >> bill: give it up. not to mention -- >> the election's over. the environment has changed. >> bill: thank you. i haven't heard one republican yet say they will vote to end the bush tax cuts for the wealthiest of americans. so what has changed? >> not one. >> bill: for them, not much. brad woodhouse in studio with us. communications director for the dnc. join the conversation any time at 1-866-55-press or on twitter or facebook. we'll be right back. >> announ
social security does not contribute to the debt or deficit. it is not part of our deficit driver. it is an issue that can be solved. look, we did see it in the '80s, some tough medicine. everybody took it but it extended the life of social security for decades. we could do that again. it shouldn't be on the table and look, as it relates to medicare, let's remember this president extended the life of medicare through the affordable care act. these people are still talking about eliminating...
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Nov 28, 2012
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the deficit reduction talks weighed on wall street. the dow lost 9 points while the nasdaq gave up 9 points. brick-and-mortar sales reported increased sales to kick off the holiday shopping season. home prices in most major american cities are on the rise. a survey showed prices rose 3% in september. the bangladesh garment factory where 112 people were killed produced clothes for disney and walmart and sears. the ap discovered clothing and records connected to the retailers inside the remains of the factory. walmart says it stopped doing business with the factory after learning the facility was deemed high risk. this morning three factory officials were arrested on suspicion they locked the workers inside the building. the surge in cyber monday shopping on monday means big business for shippers. federal express expects to deliver 280 million packages during the holiday season. to handle the extra work fedex says they hired 20,000 seasonal employees. and pop star adele is rolling in the dough or at least her record company is. her album
the deficit reduction talks weighed on wall street. the dow lost 9 points while the nasdaq gave up 9 points. brick-and-mortar sales reported increased sales to kick off the holiday shopping season. home prices in most major american cities are on the rise. a survey showed prices rose 3% in september. the bangladesh garment factory where 112 people were killed produced clothes for disney and walmart and sears. the ap discovered clothing and records connected to the retailers inside the remains...
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Nov 27, 2012
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it is still about three times the average deficit under bush. let us go back to the clinton tax era. eileen anywhere between republican and libertarian. up -- yes i am not. i lean anywhere between republican and a libertarian. host: what do you make of republicans up on capitol hill -- to sort of a back off the tax pledge that he took when he ran for senate, saying he would not raise taxes. caller: if we are going to raise taxes my important thing is raising them on everybody. because if they try to strike a compromise where only the rich get taxed, then it gets more progressive. it is not a point to help the budget. we are right to raise taxes, raise them all the way down to where clinton had them. host: senators lindsey gramm represented peter king, talking publicly abandoning the pledge of democrats will talk seriously about entitlement reforms. rest in peace, grover norquist? there are not enough republican tax hikes -- republicans to hike taxes for obama. the left is doing its best to make tax hikes appear to be a foregone conclusion. that
it is still about three times the average deficit under bush. let us go back to the clinton tax era. eileen anywhere between republican and libertarian. up -- yes i am not. i lean anywhere between republican and a libertarian. host: what do you make of republicans up on capitol hill -- to sort of a back off the tax pledge that he took when he ran for senate, saying he would not raise taxes. caller: if we are going to raise taxes my important thing is raising them on everybody. because if they...
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Nov 27, 2012
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how is he going to close the other part of that deficit? you know, his proposal right now, the most he can say would raise would be about $68 billion when our deficit last year was $90 billion. what is the president's plan for closing the additional additional $1 trillion worth of deficit? i think that's incumbent on the president to put forward his plan. >> from your standpoint alone, there's no way you see fit in the coming 35 days that you would break that pledge with glove norquist. >> well, thomas, let's use a couple numbers here. even with this measly economic growth we've seen the last three years, revenue at the federal government has increased $344 billion per year. if we just return to a normal economy that returns about 18.5%, that would increase revenue an additional over $400 billion per year, that's $750 billion of revenue per year through economic growth. and the president, his proposal would raise 1/10 of that but would put at risk the economic growth and that $750 billion. so -- >> sir, with all due respect, though -- >> co
how is he going to close the other part of that deficit? you know, his proposal right now, the most he can say would raise would be about $68 billion when our deficit last year was $90 billion. what is the president's plan for closing the additional additional $1 trillion worth of deficit? i think that's incumbent on the president to put forward his plan. >> from your standpoint alone, there's no way you see fit in the coming 35 days that you would break that pledge with glove norquist....
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Nov 29, 2012
11/12
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deficits that are unsustainable. i hope at the end of this year that -- congress will extend the middle class for 98% of americans, but let the tax cuts on that 2% expire. host: william mcbride, is the payroll tax cut a side issue? guest: it was front and center a year ago. it was debated in stages. we had a two month extension last year at this time. we had a protracted debate that picked up again in february and was extended again for the rest of the year. that was an major push by the president. it is a major deal. it is more than $100 billion a year, the estimate is $125 billion a year. that is more than 10% of the deficit. these are big numbers. it is an unprecedented policy, to start it two years ago and prior to that time -- the first time it was passed it was for one year. it was debated again last year. we did not play around politically with the payroll tax to much. nothing like we did with the income tax. it is rather unprecedented, cuts in to a program that was posted a dedicated to social security -- sup
deficits that are unsustainable. i hope at the end of this year that -- congress will extend the middle class for 98% of americans, but let the tax cuts on that 2% expire. host: william mcbride, is the payroll tax cut a side issue? guest: it was front and center a year ago. it was debated in stages. we had a two month extension last year at this time. we had a protracted debate that picked up again in february and was extended again for the rest of the year. that was an major push by the...
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Nov 26, 2012
11/12
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the deficit, the widest measure of trade, runs about 4% to 5% gdp now. manufacturing is about 11% of gdp. service hervey produces and exports. how the square the circle? >> thank you. with a lot of questions on the table from energy and whether we should have ambiguity on what is in the south china sea or not. indian ocean base is, human rights, and the question about borrowing from china to save china. i will start with paul. >> i will start with human- rights question first because i know it is a real strategic dilemma for nations that are engaged primarily economically with china, because there always has to be a human rights imperative. it is either the elephant in the room or is the challenge to getting into the agreements you want to be in. that the said, there are 400 or 500 million chinese living on the same per capita income as nigeria with $2 a day. that is always a real concern for the chinese and a one-party state where the military and internal security forces are also party entities. a real challenge. i want to touch on the question about o
the deficit, the widest measure of trade, runs about 4% to 5% gdp now. manufacturing is about 11% of gdp. service hervey produces and exports. how the square the circle? >> thank you. with a lot of questions on the table from energy and whether we should have ambiguity on what is in the south china sea or not. indian ocean base is, human rights, and the question about borrowing from china to save china. i will start with paul. >> i will start with human- rights question first...
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Nov 28, 2012
11/12
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they're important for deficits and debt. but the real question is will people's salaries and incomes grow before they pay their taxes? host: on the republican side they argue you have to extend the tax cuts for everybody otherwise small businesses will be hurt. how did small businesses do under president clinton? guest: small businesses did well under president clinton. the dot-com boom and the peace dividend at the end of the cold war, and relatively good economic policies lifted economic growth for everyone. the fact that clinton had higher income taxes and that helped the deficit, that helped quite a bit. but it was overall economy, overwhelmed, the strength of the overall economy overwhelmed the tax policy questions of the 19 0s. host: ok. from nebraska, a democratic caller. caller: hello. are you there? host: we're listening. caller: ok. my question was on the tax increases. the tax increase for the top earners of the country, over $250,000, does this include businesses making $250,000 or is that just two individuals th
they're important for deficits and debt. but the real question is will people's salaries and incomes grow before they pay their taxes? host: on the republican side they argue you have to extend the tax cuts for everybody otherwise small businesses will be hurt. how did small businesses do under president clinton? guest: small businesses did well under president clinton. the dot-com boom and the peace dividend at the end of the cold war, and relatively good economic policies lifted economic...
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Nov 26, 2012
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>>> a balanced approach to deficit reduction is the right approach. i would say that the president made clear he will not sign a bill that extends the bush era tax cuts for those making more than 250,000 dollars. >> it's time for the president to present a fan that rises above the reckless and the radical voices on the hard left that goes beyond the talking points of the campaign rail. that has a realistic chance of passing the congress. the time for campaigning is over. time for the president to lead. >> bret: some of the back-and-forth on the fiscal cliff and negotiations that are upcoming. if the white house gets its way. all tax cuts on high income earners are let go, expiring, the bush era tax cuts, this is what you are looking at. according to the treasury department it costs the federal government 9.69 billion a day to run the government. the expiration would be $8.24 billion a year on the top earners. roughly $82.4 billion a year. $824 billion in ten years. that would per year run the federal government for 8.5 days a year. that is if the tax
>>> a balanced approach to deficit reduction is the right approach. i would say that the president made clear he will not sign a bill that extends the bush era tax cuts for those making more than 250,000 dollars. >> it's time for the president to present a fan that rises above the reckless and the radical voices on the hard left that goes beyond the talking points of the campaign rail. that has a realistic chance of passing the congress. the time for campaigning is over. time for...
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Nov 28, 2012
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that's about 40% of the $4 trillion deficit goal that we have. that's the same thing that simpson-bowles had, 40% revenue. so the only way you can reach that, incidentally, is to allow the rates to go up. just this idea of we're going to take a look at the tax code, change some credits and deductions, you can't come up with enough money. >> so any deal will have to include at least some hike in the tax rate. >> i don't think there's any other way to approach it. that's why the president has taken this position. if we're going to make sure, for example, that we spare families making $250,000 a year or less from any income tax increase, then this idea that we're going to go into the tax code and find $1.6 trillion over ten years becomes almost impossible. we need to protect those middle income families. >> you said today that congress should deal with the fiscal cliff crisis now, but tackle entitlements, the entitlement questions, later. yesterday, senator lamar alexander said the only thing the president has to do to get an agreement from republic
that's about 40% of the $4 trillion deficit goal that we have. that's the same thing that simpson-bowles had, 40% revenue. so the only way you can reach that, incidentally, is to allow the rates to go up. just this idea of we're going to take a look at the tax code, change some credits and deductions, you can't come up with enough money. >> so any deal will have to include at least some hike in the tax rate. >> i don't think there's any other way to approach it. that's why the...
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Nov 27, 2012
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that's exactly what deficit reduction is. we're paying a little bit while we're healthy to protect against the likelihood, the small or great likelihood, we might have a debt crisis later. but my feeling is that now, that the economy is weak, growing at 1.8% for the last 24 months, we're not creating that many jobs, unemployment is still around 8%, the economy is still wheezing faintly. and when you're wheezing faintly, you need the strong medicine that high deficits offer. >> there's a lot of talk of the fear of the u.s. falling into the same hardships as europe. specifically greece. i want to play what senator lindsey graham had said about this. >> when you're $16 trillion in debt, the only pledge we should be making to each other is to avoid becoming greece. >> okay. here's what you said in your article. deficit reduction takes economic activity out of the economy. if you want to see what austerity does to a weak private sector, just look at europe. which policies do you think would turn us into europe? how would that happ
that's exactly what deficit reduction is. we're paying a little bit while we're healthy to protect against the likelihood, the small or great likelihood, we might have a debt crisis later. but my feeling is that now, that the economy is weak, growing at 1.8% for the last 24 months, we're not creating that many jobs, unemployment is still around 8%, the economy is still wheezing faintly. and when you're wheezing faintly, you need the strong medicine that high deficits offer. >> there's a...
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Nov 21, 2012
11/12
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the cbo projects that under a plausible set of assumptions, the budget deficit would still be greater than 4% of gdp in 2018, assuming the economy has returned with potential by then. moreover, under the cbo projection, could deficit and raise your federal debt to gdp would subsequently returned to an upward trend. we should all understand that long-term projections of ever increasing deficits will never actually come to pass because the willingness of plunder to continue to fund the government can only be sustained by irresponsible fiscal plans and actions. host: that was ben bernanke at the economic club of new york yesterday. looking for your confidence in the u.s. economy. already getting some comments on facebook -- abroad we are taking your comments on twitter, facebook, and calls. we start with joseph from maryland on the democratic line. thanks for joining us. caller: good morning. the issue is -- there are multiple variables. it's not just the fiscal cliff. our economy is interdependent, we are dependent on europe and china and those economies are slowing down. inevitably, th
the cbo projects that under a plausible set of assumptions, the budget deficit would still be greater than 4% of gdp in 2018, assuming the economy has returned with potential by then. moreover, under the cbo projection, could deficit and raise your federal debt to gdp would subsequently returned to an upward trend. we should all understand that long-term projections of ever increasing deficits will never actually come to pass because the willingness of plunder to continue to fund the government...
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the ninth largest in the world so while the stay continues to struggle with finding ways to cut its deficit allowing prop thirty six to pass would reduce the sentences of these prisoners saving the state up to two hundred million dollars a year it always boils down. and the money doesn't it certainly does in the next case so would you rather have biotech companies incur a one time cost to repackage their goods or would you rather pay hundreds of thousands of dollars in medical bills for illnesses related the consumption of genetically modified foods. proposition thirty seven would require mandatory labeling of g.e. foods the initiative itself would appear on the ballot as the california right to know genetically engineered food act i cannot stress how important this initiative is because the f.d.a. doesn't require independent testing of g.m.o. foods in the u.s. people are unaware of what the consequences are of consuming these foods and in fact voting yes on prop thirty seven seems like a no brainer but the efforts of those who profit from keeping us in the dark are pouring tens of millions
the ninth largest in the world so while the stay continues to struggle with finding ways to cut its deficit allowing prop thirty six to pass would reduce the sentences of these prisoners saving the state up to two hundred million dollars a year it always boils down. and the money doesn't it certainly does in the next case so would you rather have biotech companies incur a one time cost to repackage their goods or would you rather pay hundreds of thousands of dollars in medical bills for...
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Nov 26, 2012
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all in our expectation is that there will be some deficit. cheryl: let's talk about some things you do like. you say gold. gold is very volatile depending on what the fed does, so what do you say about gold that you like so much? >> if you look at the banks around the world, the federal reserve and the european central bank, everybody is printing money. that goes for japan and england. it is vastly increasing. you need some way to protect your purchases. you have to look at longer-term trend. as long as interest rates are effectively negative an in the money supply is being increased, we think the odds are quite high. people should own some goo. cheryl: give me her best sector right now that you think will perform in 2013 despite what happens in washington. >> i would take a barbell approach looking at companies for example consumer staples a number of names with great balances. a little bit pricey, but given the volatility we expect to see in the months ahead, there is still value to be had. the clean balance sheet, a tremendous amount of ea
all in our expectation is that there will be some deficit. cheryl: let's talk about some things you do like. you say gold. gold is very volatile depending on what the fed does, so what do you say about gold that you like so much? >> if you look at the banks around the world, the federal reserve and the european central bank, everybody is printing money. that goes for japan and england. it is vastly increasing. you need some way to protect your purchases. you have to look at longer-term...
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Nov 28, 2012
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budget deficit was $200 billion. now it's a trillion. how can you say nothing has changed? he acknowledged things have changed, but he's trying to stick to his principles so when i talked to him about his relevance and whether he was like frosty the snowman and feeding away from us before our eyes with each sound bite like the ones we've been seeing on your show, he said i'm for lower taxes that gives me job security. people will always think their taxes are too high. but we saw today, andrea, is a real operator. you've covered him for years. he has a $7 million operation. a full-time staff. they spend a lot of money in campaigns. he wants to stay a player. and he wants these members to listen to him and to do that, he has to have this opening. so what he's saying is congruent with our reporting which is that there's more going on behind the scenes than there is in the camera and i can clearly see a way for there to be a deal by as the president said today, by christmas, andrea as you know, december 23rd what they think of as the real deadline up there and i see signs that
budget deficit was $200 billion. now it's a trillion. how can you say nothing has changed? he acknowledged things have changed, but he's trying to stick to his principles so when i talked to him about his relevance and whether he was like frosty the snowman and feeding away from us before our eyes with each sound bite like the ones we've been seeing on your show, he said i'm for lower taxes that gives me job security. people will always think their taxes are too high. but we saw today, andrea,...
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Nov 27, 2012
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no credible deficit-reduction plan we've seen over the past few years excludes real cuts. and if we want to prevent this crisis, democrats need to be as serious about cutting spending as they are about spending. it's that simple. and by the way this is an approach americans overwhelmingly support. according it a recent a.p. poll, voters prefer spending cuts to tax hikes, 62% to 29%, a more thank two-to-one margin. there is a reason for this. the american people aren't stupid. they know the problem with washington isn't that it taxes too little but that it spends too much. the only reason we're talk about a many looing fisca looming fisw is because the democrats spend the last years creating it. i want to talk about how we got into this mess in the first place because amidst all the talks about plans and proposals, it's easy to forget that we didn't get here by accident. we got here because washington democrats, from the president on down, have done two things exceedingly well over the past four years: spend other people's money and kick the can down the road. spend other p
no credible deficit-reduction plan we've seen over the past few years excludes real cuts. and if we want to prevent this crisis, democrats need to be as serious about cutting spending as they are about spending. it's that simple. and by the way this is an approach americans overwhelmingly support. according it a recent a.p. poll, voters prefer spending cuts to tax hikes, 62% to 29%, a more thank two-to-one margin. there is a reason for this. the american people aren't stupid. they know the...
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Nov 24, 2012
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the trust fund will run -- to mask the overall deficit. it was a nice tax breaks for low income seniors. that was stealing from that trust fund. we call it the social security fund. there is no trust in my estimation. host: this is from the huffy to post a business section. earlier this week-- huffington post business section. older americans are in the cross hairs. when congress returns for a lame-duck session, stocks will keep up -- talks will heat up and there may be reinvigorated discussions on a grand bargain. the last time that happens, president obama considered a proposal favored by republicans to extend the eligibility for medicare to 67. as a guy who turned 65, your thoughts about extending the eligibility for medicaid to 67. guest: if you are younger, you are not thinking about it. i think it would be prudent to do that for the health of the country in the future of the people. obviously, if you are at or near 65, you cannot do it. the thing i wonder is, as part of this whole situation, why is there no effort to really, really c
the trust fund will run -- to mask the overall deficit. it was a nice tax breaks for low income seniors. that was stealing from that trust fund. we call it the social security fund. there is no trust in my estimation. host: this is from the huffy to post a business section. earlier this week-- huffington post business section. older americans are in the cross hairs. when congress returns for a lame-duck session, stocks will keep up -- talks will heat up and there may be reinvigorated...
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Nov 28, 2012
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we have a $1.2 billion deficit. one of the things i'm hearing from my republican sources over the last few days is they say the president isn't talking about spending cuts. wasn't it interesting in his remarks today i don't think the president mentioned cutting spending one time. so the republicans are saying wait a minute all the president wants to do is raise these taxes on small businesses and i vesters and quote rich people. on the other hand he's not putting on the table any reductions in spending or entitlements. and i think we all know, whether you're a democrat, republican, independent we have to start chopping these programs and reforming them or we will surrender to an ocean of debt. jenna: when does that moment of reckoning come? is it here now? that's the big question? >> i don't think it's here now. i think the window is khroeusing and i think there is a lot of frustration that we can't seem to come to an agreement. just one example, jenna, the president in the negotiations has said well social security
we have a $1.2 billion deficit. one of the things i'm hearing from my republican sources over the last few days is they say the president isn't talking about spending cuts. wasn't it interesting in his remarks today i don't think the president mentioned cutting spending one time. so the republicans are saying wait a minute all the president wants to do is raise these taxes on small businesses and i vesters and quote rich people. on the other hand he's not putting on the table any reductions in...
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Nov 28, 2012
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martha: reid says any agreement must have the wealthy to pay a little bit more to reduce the deficit. bill: what happens if they don't see a deal? 90% of americans will see a tax hike in 2013. and families that make between $40,000 and $65,000 will have to pay an extra $2,000 to washington, d.c. in taxes. martha: concerns over america's fiscal cliff have sent the markets lower in premarket trading. there is a look at where the dow is poised to open this morning. with the dow, the s & p and the nasdaq all trading lower. speaking of that, a new round of violent protests break out in egypt as police fired teargas into the crowds. here are some of those scenes. >> unbelievable. more than 100,000 people flooded into downtown cairo. this time they are protesting the current president martha maccallum and his power grab. they are disillusioned with what he has brought to their country. then you have this happening. police firing teargas. gypt's highest courts refusing to work in protest of morsi's actions. steve harrigan is streaming live from cairo. the protests looked like the unrest we sa
martha: reid says any agreement must have the wealthy to pay a little bit more to reduce the deficit. bill: what happens if they don't see a deal? 90% of americans will see a tax hike in 2013. and families that make between $40,000 and $65,000 will have to pay an extra $2,000 to washington, d.c. in taxes. martha: concerns over america's fiscal cliff have sent the markets lower in premarket trading. there is a look at where the dow is poised to open this morning. with the dow, the s & p and...
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Nov 26, 2012
11/12
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you have had success. >> we went from a 4.2 billion dollars deficit to two one time budgets with no tax increases. but we have pensions that are eating up a good portion of the budget that we're going to have to address. if all of a sudden this federal money that has been coming to the state and going down to the local communities is cut off, we're going to have to sit back and say what services can we provide and what services are going to disappear? but what concerns me more is the unemployment that it's going to create. i think the cbo has said that unemployment could go over 9%. liz: you're ahead of the national average higher actually. >> we created some tax incentives to bring the petrochemical industry, the plastics industry near that facility, that would create thousands of jobs more. we believe we could reindustrialize southwestern and western pennsylvania, if we're able to move this forward, but the economy as you know certainly can have an effect upon that, and if all of a sudden we don't have the money there, i have to be concerned that companies won't invest the way they we
you have had success. >> we went from a 4.2 billion dollars deficit to two one time budgets with no tax increases. but we have pensions that are eating up a good portion of the budget that we're going to have to address. if all of a sudden this federal money that has been coming to the state and going down to the local communities is cut off, we're going to have to sit back and say what services can we provide and what services are going to disappear? but what concerns me more is the...
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Nov 29, 2012
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budget deficit by over $1 billion over the next five years. . that is unpaid for as well. so again there are many ways that immigration can be looked at to reduce our budget deficit, and many concepts of comprehensive immigration reform, either through fees paid by those who violate the law, penalties paid, increased taxes going forward for those who would have to pay taxes under immigration reform, would actually reduce our deficit, but here we are with a solitary idea around immigration that forces all members of this body to weigh two valuable programs against one another. and at the same time cost taxpayers over $1 billion over the next five years. it's a choice that congress shouldn't face. there are also very legitimate concerns that not only does this bill weigh two valuable programs , but in fact it's a backdoor way to reduce the number of legal immigrants. there should be no hesitation in saying it by reducing the number of legal immigrants we will increase the number of illegal immigrants. so again this bill will likely increase the nu
budget deficit by over $1 billion over the next five years. . that is unpaid for as well. so again there are many ways that immigration can be looked at to reduce our budget deficit, and many concepts of comprehensive immigration reform, either through fees paid by those who violate the law, penalties paid, increased taxes going forward for those who would have to pay taxes under immigration reform, would actually reduce our deficit, but here we are with a solitary idea around immigration that...
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Nov 27, 2012
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the president has on the table a proposal that reduces the deficit by $4 trillion, that does so in a balanced way that includes substantial cuts to discretionary, nondefense spending, over $1 trillion, that includes revenue and includes $430 billion from our health care entitlement programs. that is substance. so he has not waited for people to start smelling the jet fumes at national airport. he's actively put forward a plan that -- >> [inaudible] >> i don't know of secretary geithner's precise whereabouts. i can at this moment he was here earlier this morning. i can tell you that members of the president's team are continuing to work on this issue, as are members of congress' team and the congressional leader's team. it does not, i think, make a lot of sense to simply say never mind, the american people and business leaders and small business leaders and civic leaders and labor leaders, you know, cut them out of the process and stop the conversation. the president thinks that's a big mistake. >> [inaudible] wouldn't it suggest to people and the markets that the president meeting wi
the president has on the table a proposal that reduces the deficit by $4 trillion, that does so in a balanced way that includes substantial cuts to discretionary, nondefense spending, over $1 trillion, that includes revenue and includes $430 billion from our health care entitlement programs. that is substance. so he has not waited for people to start smelling the jet fumes at national airport. he's actively put forward a plan that -- >> [inaudible] >> i don't know of secretary...
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faces the deficit and they need a bailout so what is the true nature of the housing market right now and so-called recovery that's what i want to ask michael kroger principal of creator asset management also writes at liberty blitzkrieg so given the government's role in housing given that the f.h.a. may need a bailout what do you think is a the true nature of the housing market and b. what's going to happen with any so-called recovery ok so first of all as far as the f.h.a. the federal housing administration it's and it was a great story the wall street journal the other day talking about how you know nine out of ten mortgages they're being rejected now go through a government agency out in iowa and i think people would be surprised to hear that after two thousand and eight yeah no i mean but but so the f.h.a. it was surprising to me the f.h.a. basically with what they historically what their role was supposed to be was to provide assistance to low income players in housing and of course they picked up that role after fannie and freddie weren't able to in the in the housing bust and
faces the deficit and they need a bailout so what is the true nature of the housing market right now and so-called recovery that's what i want to ask michael kroger principal of creator asset management also writes at liberty blitzkrieg so given the government's role in housing given that the f.h.a. may need a bailout what do you think is a the true nature of the housing market and b. what's going to happen with any so-called recovery ok so first of all as far as the f.h.a. the federal housing...
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Nov 27, 2012
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he has a lot of credibility on deficit reduction. while he said medicare and medicaid changes in those programs should not be part of the first step, the democrats have to look at that down the road in order to be constructive on deficit reduction. this is a senator, liberal democrat, part of the gang of six, somebody with a lot of credibility on deficit issues. i think that opens the door a little bit. you're seeing it on the democratic side. you're seeing it a little bit on the republican side. >> both sides are going to have to open the door more than just a little bit. they're going to have to make a deal. >> because the one mandate from the public was fix things. >> fix it. and do it quick. gloria, thank you. cnn's getting exclusive new information and photographs of paula broadwell, her affair with jen david petraeus forced him to leave the cia. now her friends are coming to her defense. >>> and a 7-year-old cancer patient tries a controversial treatment. medical marijuana. our dr. sanjay gupta will report. [ male announcer ] w
he has a lot of credibility on deficit reduction. while he said medicare and medicaid changes in those programs should not be part of the first step, the democrats have to look at that down the road in order to be constructive on deficit reduction. this is a senator, liberal democrat, part of the gang of six, somebody with a lot of credibility on deficit issues. i think that opens the door a little bit. you're seeing it on the democratic side. you're seeing it a little bit on the republican...
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Nov 28, 2012
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social security has not added one penny to the deficit. for those who say there is good reason to push it off the table and wait, i would add a note of caution. small changes made today in social security will play out over the long run to buy us solvency for a long time. we should take perhaps all the security off the table but be very honest but we will achieve in the near term. i think we should create the equivalent of eight simpson- bowles region of a simpson- bowles, and come up with a plan to buy 75 years of salt with the rigid of solvency. -- of solvency foug. i might add a wrinkle here. years, a similar commission ought to be creat ed. not get into this mess where we have six months to go with social security. you know how important it is for people. people are devastated by the recession and their pension plans lost. it is important to us, our kids come and grandchildren. i think we should create a commission that will report back to congress before a vote by the end of the next calendar year. i want to talk about the two toughes
social security has not added one penny to the deficit. for those who say there is good reason to push it off the table and wait, i would add a note of caution. small changes made today in social security will play out over the long run to buy us solvency for a long time. we should take perhaps all the security off the table but be very honest but we will achieve in the near term. i think we should create the equivalent of eight simpson- bowles region of a simpson- bowles, and come up with a...
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Nov 26, 2012
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reform is the only way to get the debt and deficit under control. we've got to take it on. >> chris: let me ask you, you say you would consider more revenue but with loopholes -- >> there's so many of them. >> chris: you voted against the bush tax cuts a decade ago because you said too many of the benefits go to the wealthy, not the middle class. once they were passed you have changed your view and said i'm not going to oppose them. it you could get a deal for entitlement reform and take a chunk out of the national debt, why is the 35% top tax rate which you oppose sacred? >> every economist i respect says if you raise tax rates at this time -- the president says that a couple of years ago -- it harms the economy. we're trying to help the economy. unless i'm convinced raising tax rates will be beneficial, obviously i think there's reason and grounds for my position. i also believe that we can and must get an agreement, otherwise i think first of all the markets are going to start reacting. >> chris: we'll talk about that in the next segment. finally
reform is the only way to get the debt and deficit under control. we've got to take it on. >> chris: let me ask you, you say you would consider more revenue but with loopholes -- >> there's so many of them. >> chris: you voted against the bush tax cuts a decade ago because you said too many of the benefits go to the wealthy, not the middle class. once they were passed you have changed your view and said i'm not going to oppose them. it you could get a deal for entitlement...
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Nov 26, 2012
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and that the americans who have done extremely well over the last ten years or so contribute to this deficit reduction program that we have. >> congressman john yarmouth. good to see you. thanks very much. >> we already talked about norquist whose influence seems to be diminished and there is a couple of other big players and i think we need to talk about paul ryan. the big headline is on cliff ryan faces two paths, will he stick to ideological purity or compromise to get a deal. how influential is he? >> we haven't heard much from paul ryan. i was more intrigued with eric cantor, so often the thorn in the side for speaker boehner is now saying he wants to get in there and do a deal. >> it was definitely a more conciliatory tone. he didn't give too many specifics but it was a different tone. >> in some accounts it was cantor's pressure in leaving conservative house members against boehner a bit and that first time around that helps settle things a little bit. i thought cantor was saying publicly was the big tale and paul ryan i haven't heard much from yet. >> and the other people trying to g
and that the americans who have done extremely well over the last ten years or so contribute to this deficit reduction program that we have. >> congressman john yarmouth. good to see you. thanks very much. >> we already talked about norquist whose influence seems to be diminished and there is a couple of other big players and i think we need to talk about paul ryan. the big headline is on cliff ryan faces two paths, will he stick to ideological purity or compromise to get a deal....
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Nov 28, 2012
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it is a $4 billion package of cuts to the deficit a combination of spending cuts and new revenue and about $2 trillion of that coming from getting rid of the bush tax cuts. at the same time while getting rid of the tax cuts for the wealthiest 2% of americans letting the tax cuts for 98% of americans continue because the middle class do need the help and the wealthiest people do not. so to get there of course, and by the way let's back up, right. the president put forth his plan on november 6th and mitt romney put forth his plan and the american people said no, we don't like that romney way of going which is to continue to coddle the rich. we agree with president obama. so now the negotiations are underway. about how to avoid going off the fiscal cliff. and what is the president doing? yesterday, he met with small business leaders. at the white house. the white house met with leaders of jack lew, the chief of staff. met with leaders of the chamber of commerce. today the president is meeting with some middle class americans who would be severely impacted if the middle class tax cuts we
it is a $4 billion package of cuts to the deficit a combination of spending cuts and new revenue and about $2 trillion of that coming from getting rid of the bush tax cuts. at the same time while getting rid of the tax cuts for the wealthiest 2% of americans letting the tax cuts for 98% of americans continue because the middle class do need the help and the wealthiest people do not. so to get there of course, and by the way let's back up, right. the president put forth his plan on november 6th...
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Nov 26, 2012
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especially in gop support for a deficit deal. as negotiations continue over the fiscal cliff, we go back to august 2011. reviewing some of the debate and news conferences, the budget control act created those cuts set to take effect in january. that begins tonight at 8:00 eastern here on c-span. >> you listen to maitre bloomberg who said that the damage was unprecedented. that it may be the worst storm the city has ever faced. governor christie said the damage in new jersey was unthinkable. we had a fires. we had hurricane-force winds. we had massive of flooding. we had feet of snow. you look at that, the flooding of the subway systems, the shutdown of the stock exchange, you start to get a sense of the massive scale and scope of this storm. and yet, the networks performed. carry dozens of stories about how many consumers only wink to information was through their smartphones. linking social media and their smartphone. while there was obviously an impact, i think the networks performed really well. >> some networks did well, some
especially in gop support for a deficit deal. as negotiations continue over the fiscal cliff, we go back to august 2011. reviewing some of the debate and news conferences, the budget control act created those cuts set to take effect in january. that begins tonight at 8:00 eastern here on c-span. >> you listen to maitre bloomberg who said that the damage was unprecedented. that it may be the worst storm the city has ever faced. governor christie said the damage in new jersey was...
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to reduce the deficit. but it also includes spending cuts. so, we did a trillion dollars in spending cuts as part of the budget control act over the next ten years and we're going to have to continue to implement that. so that's part of the plan. secondly the president's budget actually contains more health care savings than the bipartisan simpson-bowles commission does. he does it in a number of ways. for example he asked pharmaceutical companies to pay higher rebates to drugs for people who are on medicare and medicaid. he reforms the medicap wraparound insurance plan. right now medicare is essentially indirectly subsidizing those plans. so the president actually has substantial savings, not only in health care, but in many other areas. for example he eliminates a lot of the excessive agriculture subsidies. so the president's plan does have that balance of cuts, and revenue. >> interesting that you bring up health care because eric cantor, something we heard from speaker boehner, he would like obama care to be back on the table. i mean, dem
to reduce the deficit. but it also includes spending cuts. so, we did a trillion dollars in spending cuts as part of the budget control act over the next ten years and we're going to have to continue to implement that. so that's part of the plan. secondly the president's budget actually contains more health care savings than the bipartisan simpson-bowles commission does. he does it in a number of ways. for example he asked pharmaceutical companies to pay higher rebates to drugs for people who...